10+ Ways to Save for a House Down Payment While Renting

The idea of having your own place to call home is thrilling. But when you have the fixed cost of rent taking a big portion of your budget, saving up for a down payment might seem impossible.

Read on to find out simple things you can do to save money for a down payment while renting.

How fast can you save for a downpayment?

You can create a timeline for homeownership by seeing how quickly you can save up your down payment and closing costs. Snowball those savings by:

Saving money on groceries: Meal planning, coupon cutting, and making more food from scratch can all add up to significant savings on your grocery bill.

Consider money saving apps: Apps like Ibotta or Rakuten will save you money and those pennies will really add up.

Sell stuff: Look around your apartment or home and find things that you are no longer using and can sell. Even small sales will push you faster towards your goal of buying a home!

Start a side hustle: A side hustle is an amazing way to amass money quickly. There are lots of options available for part-time work including driving for Door Dash, Uber or Lyft, or teaching english as a second language online, starting a craft business or doing transcription work. Think about the skills you have that you could turn into a money-making side hustle.

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